Among the many challenges faced in liquidating failed insurance companies is sorting through and managing data issues related to administrating digital claims files.
Insurance company insolvencies are unpredictable, often occurring on short notice with tight statutorily imposed deadlines. Company data is frequently incomplete or scattered, which can slow the transfer of claims and delay services to the policyholders in need.
Guaranty Support Inc. (GSI®) can help. GSI – a wholly owned subsidiary of the National Conference of Insurance Guaranty Funds (NCIGF) – provides a range of data management and support services to insurance receivers, guaranty funds, regulators and others. GSI delivers innovative, proactive solutions that draw on the NCIGF’s many years of successfully addressing data challenges and solving related problems.
GSI’s proven expertise in innovative and specialized data solutions helps receivers save time and money in managing data collection and transfer, ensuring records integrity and delivering a smooth operation of the insurance resolution process.
- Works with insolvent company claim and imaging systems to extract the data required for Uniform Data Standards (UDS) conversion.
- Works with Third Party Administrator (TPA) systems to extract the claim and imaging data needed for UDS conversion.
- Performs analysis and manipulation of extracted data to structure it so it can easily be converted into UDS records.
- Consults with receivers on insolvency data issues.
- Consults with receivers on data security and security policy matters.
- Performs custom programming (reinsurance, custom reports, manipulating UDS C- and D-Records).
- Provides hosting of custom-built programs.
Digital claims files and the challenges that accompany them can complicate liquidations and how they are administered.
With a proven track record of insolvency-related data management, and nearly a decade of experience in assisting receiverships with thorny data issues, GSI can help.
To learn how, contact us.